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The Well Built Entrepreneur

Taxes | Business | Financial Freedom | Wellness

How Managing a Restaurant has Made Me a Better Business Owner

time management Sep 22, 2019

If you’ve worked in a restaurant in any capacity, you’ve probably heard the term “in the weeds.”

Your day can go from calm to chaos in a matter of minutes, am I right?! One of my most memorable management shifts was at an upscale restaurant, the night of a Lady Gaga concert. The bar got hammered so hard with specialty cocktails orders that we couldn’t wash glassware fast enough, shake hard enough or stop the tickets from rolling off the bar printer.

Or the time, I had to run the floor (manage the dining room, for non-restaurant folk) while running to the back to bake freaking cakes during dinner service because the prep cook didn’t show up. You simple can’t run out of the restaurant’s famous carrot cake. It’s not an option.

These experiences are what restaurant dreams nightmares are made of…

I could share war stories for days about staff no-shows, breakdowns, fights, late deliveries, equipment failures and insane...

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Why did I choose this "boring career" and become an Enrolled Agent?

Uncategorized Aug 24, 2019
What is an EA you ask? EA's are federally-licensed tax practitioners who specialize in tax preparation and have unlimited rights to represent taxpayers before the IRS. The Enrolled Agent license is the highest credential the IRS issues.
 
Before I became a bean counter, I helped open businesses across the US, was General Manager of multi-million dollar operations and managed 50+ employees at a time, but I needed to know more about the numbers.
 
I always wondered why my financials were different than what corporate presented to the owners/investors.
 
After talking with several accountants, I realized that I could increase my skills as a business operator if I knew how the daily decisions affected the financials today, tomorrow and at tax time.
 
I earned a Masters of Accountancy and became an EA because I want to be the BEST at what I do. Freebird Financial was born to help entrepreneurs who lack formal business skills, make profitable decisions and...
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Get Your Sh*t Together with QuickBooks Online

bookkeeping Aug 24, 2019
We’ve all heard the saying “Time is Money.” When you’re starting a business, you could be wasting a lot of time and money by not being organized. Follow along as we discuss how to use QBO to go paperless and keep all your business finances in one place.
 
What is QuickBooks Online aka QBO?
QBO is an online small business accounting software used by entrepreneurs like you to track income and expenses, track time and payroll and prepare for taxes. QBO is user friendly and has a mobile app for bookkeeping on the go!
 
Take that receipt and shove it…
Right into your recycle bin after you take a photo. Simply write down the reason for the expense (ie. Meeting w/client Nala Bear re: taxes) on the receipt and snap a photo. Create a gallery in your phone titled receipts so you don’t have to scroll past a million photos of ‘the cutest dog in the world!
 
Get the QBO App
Loading your receipts into QBO is so...
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5 Reasons Bookkeeping is Essential for Small Business Success

bookkeeping Aug 18, 2019

Calculating your income and expenses isn't something you should do solely during tax season. I know it's not everyone's cup of tea, but here are some reasons why bookkeeping is so important. 

1. Tax Obligations

No one likes a surprise when they file a return. When you have an up to date profit & loss, balance sheet and cash flow statements, fulfilling your business tax requirements is much easier on you and your return preparer. Saving you time and money!

By maintaining accurate books year-round, you can avoid the "oh crap, it's tax time" scramble. 

Newly self-employed? Each quarter, self-employed business owners must estimate their federal and state income tax payment and send a check to the IRS and their state. Up to date tracking of your expenses will help offset how much estimated tax you pay. 

2. Financial Management

When you keep your books in good order, you can easily track what bills are due for payment, what clients you should collect from and how much...

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Small Business Budget - Right For ME?

budget efficiency Aug 18, 2019

Launching a business can be expensive. Like a target run for toothpaste, you somehow manage to spend $200 without buying what you came for. The little expenses can sink a business fast unless you are following a detailed and well maintained budget.

Budgets have a bad rap and are often associated with being broke or cheap. But what if we rephrase that to say "I want start a 401k" and "I want to travel." Whatever your goal is as a business owner, you need to plan for it. So let's outline some tips to keep your budget in top shape.

A good budget says no to frivolous spending and impulsive "needs" today so you can focus on your future.

Overestimate Expenses

Expenses are the total costs associated with your business. From business licenses, advertising, insurance, office supplies and more. Small business owners have a lot of responsibility and failing to anticipate expenses could put your organization in jeopardy. An accounting software can easily transfer your financial information...

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